Trump Towers Atlanta in Foreclosure Questions

Trump Towers Atlanta in Foreclosure Questions

trump-towers-atlanta Donald Trump is currently caught up in the foreclosure crisis sweeping America. Apparently the loan on the Trump Towers project in Atlanta is slated to be sold at a securities auction.

However, it is unclear exactly how much Trump has to do with the 48-story condo tower, at 15th and West Peachtree Streets; Atlanta-based Wood Partners, LLC and New York-based Dezer Properties Inc are also named on the paperwork.

If the case in Florida — where residents attempted to sue Trump, only to find out he was not the main developer — is anything to go by then the answer is: not a whole lot. The fact that the loan is scheduled to be sold is another indication that perhaps the lenders know something we don’t with regards Trump’s involvement; we don’t know many lenders that would doubt Trump’s ability to pay such a profitable loan.

According to sources the development is still likely to go ahead, but not for the foreseeable future due to oversupply of condos on the market since the credit-crunch heralded a catastrophic drop in demand for such properties. To that end a plan has been drawn up that would see the tower become a hotel on-top, with the same high-end retail and commercial spaces in the lower levels.

The problems for the development arose from the moment the development was supposed to arise; the market was dying off when construction was scheduled to begin in 2007. The last news article on the website for the project is in mid-2008 and says only that 90 units were sold on the development before it broke ground, and that it was scheduled to be completed in early 2010.

Looking further back through the articles, the Piedmont Review covered the development in great detail at the beginning of 2008, when there was still plenty of buzz about how it was going to fill the niche in demand for mid-priced ($400k to $1m) condos in the mid-town areas. It seems that the problem only arose when sales dried up after 90.